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What is a Foreclosure?

Foreclosure takes place when a homeowner is no longer able to make mortgage payments as needed. This allows the loan provider to take the residential or commercial property, getting rid of the homeowner and offering the home, as stipulated in the mortgage contract.

When a foreclosure occurs, the following steps occur:

1. Notice of Election and Demand is tape-recorded within 10 business days of getting a packet from the lending institution's attorney.
2. Sale date is set in between 110 through 125 calendar days after the NED was tape-recorded (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was tape-recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to first set up sale date.
5. Combined Notice published in regional paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure should be gotten a minimum of 15 calendar days prior to the very first scheduled sale date. A treatment, in the kind of a cashier's check, must be paid by twelve noon the day before the sale.
7. The court order licensing the sale and the signed and detailed bid should be received by noon two (2) business days prior to sale day.
8. The Pre-sale List is provided by 2:00 p.m. on Tuesday before Thursday's sale.
9. The sale is conducted at the Clear Creek County Courthouse, Office of the Treasurer & Public Trustee at 11:00 a.m. on Thursdays
10. The Certificate of Purchase is tape-recorded within five (5) service days.
11. A Notice of Intent to Redeem must be filed by a junior lienholder within 8 (8) business days after the sale. Foreclosures began in 2008 and newer do not enable owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to begin the foreclosure procedure, the following is sent to the general public Trustee's office along with a recommendation of the case and a Certificate of the Current Owner of the debt:

1. Original or certified copy of the taped deed of trust.

1. Original promissory note or bond if initial note has actually been lost. Some certified foreclosing loan providers may submit specific documents in lieu of the note if they fall under the standards of C.R.S. 38-38-100.3( 20) or if Qualified Holder: Copy of original promissory note and Certification of Qualified Holder, signed by lawyers representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, that includes names and addresses of parties to get Combined Notice of the sale, rights to treat and rights to redeem.
4. Additional files required under foreclosure statutes.
5. Payment of required fees.
   
   The above documents are sent to the Public Trustee by a Colorado-licensed attorney representing the lending institution of the loan in default. The Public Trustee records the Notice of Election and Demand (NED) and begins the foreclosure procedures. This need to be done within 10 service days after receiving the files from the lender's lawyer. A Combined Notice of Sale, Rights to Cure and Redeem is sent out to celebrations noted on the newsletter or changed newsletter. The mailing list or lists need to include all celebrations whose interests appear in an instrument recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notifications are sent to the addresses revealed on the taped instrument. If there is no address, then by statute it is not essential to send the notice in care of the county seat. The general public Trustee sets the sale date to be not less than 110 calendar days nor more than 125 calendar days from the date of recording of the NED for non-agricultural residential or commercial properties or not less than 215 calendar days nor more than 230 calendar days from the date of recording of the NED for farming residential or commercial properties. Clear Creek County needs a preliminary deposit of $650 for all foreclosures
   
   How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)
   
   1. If essential the Clear Creek County Public Trustee will make a decision immediately upon the opening of the foreclosure.
6. This office will accept as proof:
   
   a. Certified copy of recorded neighborhood plat b. Written declaration from city or town clerk c. Written declaration from county assessor d. Statements should be dated no greater than 6 months before the NED was submitted
   
   3. Our decision is binding
7. Statements used in figuring out agricultural status no longer need to be taped
8. Cost for determining status may be consisted of as a part of the fees and costs charged by the attorney Please do not consist of copies of statutes for mailing. This is covered in the expense of postage and copies.
   
   How to Cure a Foreclosure:
   
   A treatment amount is the quantity needed to bring a foreclosed loan current. The general public Trustee's foreclosure files just contain cure figures when an Intent to Cure has been filed and the figures have actually been gotten from the foreclosing attorney.
   
   The only parties lawfully enabled to submit an Intent to Cure include, but are not restricted to: residential or commercial property owners, individuals liable, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure should be submitted at least fifteen days prior to the date of the arranged Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be filed by e-mail, fax, mail or personally at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we received the file). There is no charge to file and does not obligate the filer. Cure funds must be received in the Public Trustees office by noon on the day before the sale, and need to be in the form of cash or verifiable bank cashier's check.
   
   Please do not anticipate to receive info of the amount due immediately after submitting the type. The Public Trustee's Office need to request that info from the loan provider or loan provider's attorney. Upon receipt of the figures from the lender or lender's lawyer, the cure quantity will be provided to you as requested. The figures may be excellent for just a limited time so if you do not treat by the valid figure deadline stated in the statement, you will require to ask for an updated cure statement through the Public Trustee's Office.
   
   For more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above information is offered only as an informative tool and is not meant to act as legal advice.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing ahead of time:
   
   It is your duty to do research before concerning the sale to bid on a residential or commercial property. The Public Trustee can not and does not guaranty that the deed of trust being foreclosed is a very first lien - it could be a 2nd or third lien. The Public Trustee does not know the condition of the residential or commercial property, or if the residential or commercial property taxes or assessments have actually been paid or if there are any other liens versus the residential or commercial property. If you do not know how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you may want to hire somebody to do the research study for you.
   
   You can obtain the foreclosure case number for the residential or commercial property by looking it up at our site, Foreclosure Search.
   
   On Tuesday, two days before sale, we will have posted in our workplace by around 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The lender's composed bid is needed to be supplied, in composing, to the Public Trustee prior to the publishing of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public info and you may browse our foreclosure search, sale info, bid, to see the opening quote amount. Bids got from the lending institutions might be changed at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the amended composed quote.
   
   Be recommended: The loan provider or its lawyer, or the general public Trustee, may pull or continue a residential or commercial property from the sale list at any time up till the sale starts Thursday morning.
   
   Check in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's promptly at 11:00 a.m. - Sales are held at the Clear Creek County Treasurer & Public Trustee's Office, in the Clear Creek County Courthouse, 405 Argentine Street, Georgetown, Colorado. See Map (PDF)
   
   If you intend to bid on a residential or commercial property, you should get to the workplace about 15 to 20 minutes early to complete a Bidder Registration Form (PDF) with your name, address, etc. This info will be utilized for the Certificate of Purchase, please be sure it is precise and legible.
   
   Those interested in bidding should personally participate in the sale. We do not take over-bids by phone, fax or e-mail. If you are appearing at the sale to bid on behalf of someone aside from yourself or another entity that you do not own or control, you require to have composed authorization, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your bid is being entered upon behalf of that other person or entity at the time the bid is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the loan provider has submitted a bid for $150,000.00, for example, you must bid at least $150,005.00 in order to be the successful bidder.
   
   You will also be needed to have sufficient funds with you to bid on the residential or commercial property. Payment of successful quote quantities must be made in the type of a verifiable bank cashier's check. Checks need to be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The Public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has actually ceased and funds have actually been provided.
   
   Pursuant to laws in effect on January 1, 2008 for cases started after that date, the effective bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be supplied with a Receipt from the general public Trustee after the sale is completed. A Certificate of Purchase will be issued in the name and address of the effective bidder as shown on your Bidder Information Form and recorded (within 5 organization days) by the Public Trustee's workplace and maintained in our workplace records.
   
   As the grantee called in the Certificate of Purchase, you do not have immediate right of access to the residential or commercial property. A Certificate of Purchase does not move title to you, it merely proofs your investment made at the time of sale.
   
   The Redemption Process:
   
   A junior lien holder has 8 service days after the sale to file an intent to redeem. The most senior lien might redeem 15 to 19 organization days after the sale, however no later than midday the last day. If several lien holders submit an intent to redeem, each extra lien holder will get a 5 day redemption duration.
   
   If you are gotten in touch with for redemption figures, interest is computed at the rate specified on the note and extra expenses are restricted to those enabled by statute. Please be prepared to offer receipts for costs incurred. Redemption figures must be gotten within 13 organization days after the sale. The declaration should specify all amounts needed to redeem consisting of the amount of per diem interest and the rates of interest. The declaration may be changed up till 2 business days before the start of the next appropriate redemption duration. Your statement of redemption should adhere to 38-38-302 C.R.S.
   
   . If redemption occurs, the Certificate of Purchase holder is paid the bid amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowed costs as defined by Colorado Revised Statutes (receipts need to be provided) as provided in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon written request and payment of the required costs, the general public Trustee's office will issue a Verification Deed to convey title to the last redeeming celebration.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you must request, in composing, that our office concern your Confirmation Deed, no quicker than 15 organization days after the sale. You must pay a $30.00 cost, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed shall be provided by the Public Trustee and taped with the Clerk & Recorder's workplace. If you are the beneficiary of that Deed, you will then have ownership of the residential or commercial property.
   
   Notice to an owner in foreclosure:
   
   If your residential or commercial property goes to foreclosure and is bought for more than the total owed to the lending institution and to all other lien holders, please contact the Public Trustee's workplace after the sale because you may have funds due to you.
   
   The Public Trustee's office does not offer legal suggestions and we do refrain from doing any expulsion procedures. Once the Confirmation Deed is provided by this office and taped, the Public Trustee's file is closed.
   
   IF THE BORROWER BELIEVES THAT A LOAN PROVIDER OR SERVICER HAS VIOLATED THE REQUIREMENTS FOR A SINGLE POINT OF CONTACT IN SECTION 38-38-103.1 OR THE PROHIBITION ON DUAL TRACKING IN SECTION 38-38-103.2, THE BORTROWER MAY FILE A PROBLEM WITH THE COLORADO ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.